On 25 February 2010, the FSA published a speech given by Dan Waters, FSA Director of Conduct Risk and Asset Management Sector Leader, in which he provided an update, and the FSA views, on the status of the negotiations on the proposed Alternative Investment Fund Managers Directive (AIFM Directive).
In his speech, Mr Waters commented on the AIFM Directive negotiations in:
- The Council of the European Union (Council).
- He commented on some of the key changes made to the text of the AIFM Directive by the compromise proposals published by the Spanish Council Presidency in February 2010. He noted that some of the issues that had previously been agreed by the Swedish Council Presidency have been reopened, which is unwelcome, particularly in the light of the increased pressure to conclude the discussions in the Council by the middle of March 2010. He focused in particular on the controversial provisions relating to the marketing in Europe of non-EU funds.
- The European Parliament.
- He provided a high-level overview of approximately 1,700 amendments tabled to the draft report by Jean-Paul Gauzès, rapporteur to the European Parliament, proposing amendments to the draft AIFM Directive.
Mr Waters stressed that it is essential to get the framework of the proposed AIFM Directive right, and urged the Council, the European Commission and the European Parliament not to “act in haste” on the complex matters that are still outstanding. He called for “thoughtful and proportionate resolution” of these issues, and for continued constructive engagement by stakeholders, to “deliver a regulatory framework that enhances the stability of the financial system while encouraging sustainable economic growth and development across the EU”.
Referring to one the key goals of the proposed AIFM Directive of addressing potential systemic risks arising from the activities of alternative investment fund managers, Mr Waters commented on the FSA’s work to better understand the potential systemic impact of the hedge fund sector. In this regard, he referred to the FSA’s report on two hedge fund surveys published on 24 February 2010
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http://www.fsa.gov.uk/pages/Library/Communication/Speeches/2010/0225_dw.shtml
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